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North American Bond Research – August 24, 2020
Posted on August 24, 2020|
HIGH YIELD BOND RESEARCH
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August 24, 2020
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| Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Pacific Gas & Electric Co. 4.75% 2/15/2044 Ball Corp. 2.875% 8/15/2030 Ford Motor Co. 4.75% 1/15/2043 Ford Motor Co. 4.346% 12/8/2026 Cheniere Corpus Christi Hldgs LLC 7% 6/30/2024 Howmet Aerospace Inc. 6.875% 5/1/2025 FTS Intl. Inc. 6.25% 5/1/2022 T-Mobile USA Inc. 3.875% 4/15/2030 144A SLM Corp. 5.625% 8/1/2033 Eclipse Resources Corp. 8.875% 7/15/2023 |
| Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| New Issues | Forward Calendar |
|---|---|
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(None Current 08/24/2020)
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1. Avianca : $1.3B DIP DD TLB
2. MAG Aerospace: $290.7MM TL (B3/B) 3. CJ Foods Inc.: $285MM TLB 4. Avianca : $1.3B DIP DD TLB 5. UPC/Sunrise: $2.4B term loans (B1/BB-/BB+): $1.2B TLB1; $1.2B TLB2 6. MAG Aerospace: $290.7MM TL (B3/B) 7. CJ Foods Inc.: $285MM TLB 8. CJ Foods Inc.: $285MM TLB 9. Herschend Entertainment Co. LLC: $465MM TLB (B3/B) 10. UPC/Sunrise: $2.4B term loans (B1/BB-/BB+): $1.2B TLB1; $1.2B TLB2 |
| Top Widening Loans | Top Narrowing Loans |
| Jostens Inc. (USD) TL L+950 12/21/2026 Wittur (EUR) TL E+850 09/19/2027 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Philadelphia Energy Solutions (USD) TLA L+625 12/31/2022 Safe Fleet Acquisition Corp. (USD) TL L+675 02/01/2026 |
Mavenir Inc. (USD) TLB L+600 05/08/2025 American Gaming Systems (USD) TL L+1300 02/15/2024 Fleetpride Corp. (USD) TL L+450 12/19/2025 Kindercare Education LLC (USD) TL L+825 08/16/2025 Verifone Inc. (USD) TL L+400 08/20/2025 |
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Symantec Corp., Broadcom LTD, Toll Brothers Inc., Cole-Parmer Instrument Co.
OVERALL CREDIT MARKET:
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 16 bp (basis points), as of 08/24/2020
- Net negative capital flows into high-yield ETFs & mutual funds
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INVESTMENT GRADE BOND RESEARCH
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August 24, 2020
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| Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Johnson & Johnson 2.45% 9/1/2060 Johnson & Johnson 2.25% 9/1/2050 Microsoft Corp. 3.3% 2/6/2027 ServiceNow Inc. 1.4% 9/1/2030 General Motors Financial Co. Inc. 2.7% 8/20/2027 General Electric Co. FLT% PERP (1) Wal-Mart Stores Inc. 3.55% 6/26/2025 JP Morgan Chase & Co. 3.25% 9/23/2022 Comcast Corp. 1.5% 2/15/2031 Amazon.com Inc. 2.5% 11/29/2022 |
| Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| New Issues | New Issues [Continued] |
|---|---|
| 1. Entergy Corp. (USD) 0.9% 9/15/2025 (08/24/2020): 800MM Senior Unsecured Notes, Price at Issuance 99.606, Yielding .98%.
2. Alabama Power Co. (USD) 1.45% 9/15/2030 (08/24/2020): 600MM Senior Unsecured Notes, Price at Issuance 99.544, Yielding 1.5%. 3. Glencore Funding LLC (USD) 1.625% 9/1/2025 144A (08/24/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.499, Yielding 1.73%. 4. Glencore Funding LLC (USD) 2.5% 9/1/2030 144A (08/24/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.57, Yielding 2.55%. 5. Nationwide Building Society (USD) 1% 8/28/2025 Reg S (08/24/2020): 750MM Senior Preferred Security, Price at Issuance 99.859, Yielding 1.03%. 6. Glencore Funding LLC (USD) 1.625% 9/1/2025 Reg S (08/24/2020): 1000MM Senior Unsecured Notes, Price at Issuance 99.499, Yielding 1.73%. |
| Top Widening Loans | Top Narrowing Loans |
| Jostens Inc. (USD) TL L+950 12/21/2026 Wittur (EUR) TL E+850 09/19/2027 NCL Corp. LTD (USD) TLA L+150 01/02/2024 Philadelphia Energy Solutions (USD) TLA L+625 12/31/2022 Safe Fleet Acquisition Corp. (USD) TL L+675 02/01/2026 |
Mavenir Inc. (USD) TLB L+600 05/08/2025 American Gaming Systems (USD) TL L+1300 02/15/2024 Fleetpride Corp. (USD) TL L+450 12/19/2025 Kindercare Education LLC (USD) TL L+825 08/16/2025 Verifone Inc. (USD) TL L+400 08/20/2025 |
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Symantec Corp., Broadcom LTD, Toll Brothers Inc., Cole-Parmer Instrument Co.
OVERALL CREDIT MARKET:
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 16 bp (basis points), as of 08/24/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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